Cardano Price Analysis: Is ADA again heading to test $0.30?

Cardano Technical Chart Indicates a Negative Momentum
  • Cardano performed a sideways momentum on Monday’s trading session
  • ADA price is $0.3521, which is down by 1.15% in last 24-hour time-frame and 1.42% down from the previous week
  • ADA/BTC pair is negative with a loss of 0.86% in Monday’s trading session (0.00001031)
Source: Coinmarketcap

Cardano had negative momentum on the weekly chart, and it went up to $0.3954 on January 18, 2021, while breaking above the resistance zones created in the past. ADA price set a mark of a 52-week high. Meanwhile, the trading volume of $2,528,498,048.88 in the last 24-hour time-frame represents a decreasing value of 16.79%. The ADA/ETH pair is in an uptrend with a value of (0.00026391) which is up by 0.38% in Monday’s trading session.

Cardano Technical Chart Indicates a Negative Momentum

Source: TradingView

The technical chart of Cardano highlights a negative trend. In contrast, the ADA price is at $0.3521. According to pivot points, the key support level for ADA is placed at $0.3144. If it moves up, the key resistance level to watch is $0.3700. While diving into the weekly chart of 15-minute time frame, it completed a dark cloud cover candlestick pattern, indicating the bears have overwhelmed the bulls and are now in control.

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Volume indicator with the value (1.499M) reflects a selling volume in coin. One can further expect a decrease in selling volume in the upcoming trading sessions.

SMA-200, price is at $0.3501, which acts as another strong support in the coin. The price is testing the SMA, and investors can expect a bearish trend in the coin if it breaches below the SMA.

MACD indicator (Bearish), no bullish crossover signal line spotted on February 01, 2021, indicated a sell signal in the coin during the trading session. Also, it denotes the ending of red bars on Histogram.

Meanwhile, the RSI indicator (Bullish) with a value of 54.36 indicates a buy signal in the coin. One can observe a decrease in value in upcoming trading sessions.

Conclusion 

ADA price is down by 1.15% on Monday’s trading session. The price is testing the SMA of $0.3501. Investors can see the price struggling between resistance and support. All technical indicators suggest a neutral signal in the coin.

Resistance: $0.3700

Support: $0.3144

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Nikhil Ingolehttp://themarketperiodical.com
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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